A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)

Question

List price $ 5,368.00
Options $ 1,625.00
Destination charges $ 200.00
Subtotal $ 7,193.00
Tax $ 431.58
Less trade-in $ 2,932.00
Amount to be financed $ 4,692.58
8% interest for 48 months $ 1,501.63
MONTHLY PAYMENT $ 129.05

Answer 1

8% interest with monthly payments is equivalent to an Annual Percentage Rate of 8.30%

Each month, you are charged 1/12 of 8% of the unpaid balance as interest.

All those other numbers (trade-in, tax, options, monthly payment etc.) are not needed to compute the APR.

Answer 2

A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)
List price $ 5,368.00
Options $ 1,625.00
Destination charges $ 200.00
Subtotal $ 7,193.00
Tax $ 431.58
Less trade-in $ 2,932.00
Amount to be financed $ 4,692.58
8% interest for 48 months $ 1,501.63
MONTHLY PAYMENT $ 129.05

Answer 3

Elliot Finish studying at 4:45 p.m. he spent 30 minutes reading a social study chapter he spent 45 minutes on his math homework in between studying Elliot took a 20 minute break at what time did Elliot begin studying